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Oil production on the project stopped due to overflow of tanks in the port of de...

Oil under sanctions: a large oil and gas project stopped in Russia

Oil production on the project stopped due to overflow of tanks in the port of de-Castra, from where black gold is shipped to the world market. In Russia, the oil and gas project "Sakhalin-1" stopped after US operators refused to ship oil to Radcomflot tankers. About it reports the edition "Komersant". It is noted that earlier the Radcomflot tankers came under US sanctions. In Moscow, they tried to remedy the situation: the Russians found their insurer and tried to continue their work.

But soon the tankers remained without insurance from the international group of mutual insurance (International Group of P&I). In June 2022, the CEO of Sovcomflot Igor Tonkovidov stated that the problem with insurance was solved with the help of Russian insurers. However, the American company Exxon insisted on mandatory P&I insurance and refused to restore shipment.

As a result, oil production on the project completely stopped due to overflow of tanks in the port of de-Castra, from where it is shipped to the world market. Recall that Russia's income from oil exports fell to $ 15. 3 billion, which is the lowest result for the whole year. The profit of the aggressor country from oil sales in September was less than $ 3. 2 billion, or 17. 3% compared to August. The export sale of Russian crude oil decreased by 260 thousand barrels a day, experts calculated.